has anyone bought a new property (reasonably) recently? roughly how much tax should be payable and when is it usually paid? it's an apartment costing just over Y310000 in the Lijiang area if that makes a difference. i'm finding it difficult to get reliable information (in English) on this via the internet so thanks in advance for any useful feedback.
Try this source. I could not find a property transfer or sales tax indicated. One of the difficulties is China's propensity to use fiscal means, taxes, to manage the economy.I don't try to stay current any more so I am not sure if the memory I have of the sort of tax you are looking for is real. They could have done this kind of tax to 'cool' housing speculation.
Here is some year old info but for Shanghai:
The second link above has a tax table with the basis in square meters.
Yuantongsi
(717 posts) •
The amount of property tax to be paid depends on when the property changed hands last time, minimising after five years
thanks for the advice so far.
@yuantongsi. it's a new build so no previous owners.
@geezer. it's 90sq/m.
anymore?
in some areas it is normal for the buyer to pay the sellers tax as well. The seller wants net.
sorry to be so needy on this but it's pretty urgent. the property company is asking for over 25k NOW. seems a bit much to me but then what do i know... i'm just a stupid laowai.
ANY more info is greatly appreciated.
Hire a lawyer to do the research for you. Very cheap considering the risks.
@debaser
A general rule of thumb that worked for me is around 3-5%of the total cost of the new house. This should cover ALL the governmental fee, i.e. tax, registration fee, printing fee, notary, etc.. Agent fees and property company's fees is separate.
So, if your house comes to 300K RMB, the fees would be around 9k-15k.
But this is for Kunming a few years ago. I have no idea the situation in Lijiang. Best thing to do is to find someone who speaks Chinese to act on your behalf and get the matter straighten out, some one you should've had all along since it would be rather foolish to enter into an property agreement and all the liabilities that entails without proper counsel.
Hope this helps,
Cheers~
